Of all next-gen technologies, blockchain or Distributed Ledger Technology (DLT) has been the most hyped and the least understood. Its origin in the cryptocurrency space, which came to life in 2009, has obscured the advantages of a technology that is ultimately about coordinating multiple players that otherwise would not trust one another enough to cooperate.
At its core, blockchain is a networking tool, so it has taken time to understand its commercial potential and the right incentives to get market participants to work together for a common good.
Asia Pacific is home to one of the boldest institutional projects in blockchain: the Australia Stock Exchange’s (ASX) replacement of its post-trade processing system with a blockchain solution. Broadridge is an investor in Digital Asset Holdings, the vendor that is building ASX’s DLT solution.
Originally scheduled to go live in 2021, the ASX has had to slow down its consultation process in the wake of COVID-19, which has demanded emergency attention among Australia’s brokers and issuers. A revised timetable has been announced by the ASX, with a target go-live date of April 2022.
Some of the industry’s most notable blockchain deployments will be from Broadridge itself, whose solutions will be game-changers in their respective areas: fixed income (specifically repo markets) and corporate governance.
Explore how we are helping clients in Asia Pacific navigate what’s next.